OKX delisting sparks privacy coin price slump

Chinese Subsidiary of DBS Bank Launches e-CNY Product OfferingDBS Bank China, a cryptocurrency-friendly bank and subsidiary of the Singaporean multinational financial services firm DBS, has introduced a new solution for its customers in mainland China, facilitating transactions with the digital yuan.The bank has officially launched the digital yuan or e-CNY merchant solution, allowing businesses in mainland China to receive payments in the central bank digital currency (CBDC). The announcement of the new service offering was made via a press release published to the website of the parent company on Wednesday.Photo by Hanny Naibaho on Unsplashe-CNY settlementWith this new service, DBS clients in mainland China can receive the e-CNY and have it automatically settled into their CNY bank deposit accounts. DBS refers to this as a “merchant collection solution,” where the merchant collects the final amount in CNY directly into their bank deposit account. The solution aims to streamline the process by eliminating manual settlement procedures.Enabling CBDC functionalityThis innovative tool offers several advantages. It allows businesses to collect CBDC without the need for manual settlement processes. Moreover, the e-CNY’s capabilities enable users to receive payments in regions with limited internet connectivity, ensuring broader accessibility. The solution also provides reconciliation through consolidated merchant reports, with detailed e-CNY transactions available on DBS’ digital platform for business banking.The CEO of DBS Bank China, Ginger Cheng, announced that the first e-CNY transaction using the new solution has been successfully completed, involving a catering company in Shenzhen. Cheng emphasized that integrating a CBDC collection and settlement method into clients’ existing payment systems would position their businesses for a digital future where e-CNY becomes increasingly prevalent among Chinese consumers. She expressed the bank’s commitment to enhancing user experience and supporting China’s financial market innovation.Adoption pushChina has made substantial progress in promoting and expanding the digital yuan since its launch in 2019. The country’s central bank reported that there were 13.6 billion e-CNY in circulation, equivalent to approximately $2 billion, by the end of 2022.The digital yuan is currently accepted in 26 cities and 17 provinces across China, with further adoption expected as the program gradually expands to more regions. In recent days, another measure was taken to bring about everyday use of the digital yuan when the city of Jinan enabled use of the currency across its public transport system.DBS Bank has become actively involved in the digital assets space. In 2020, the bank launched cryptocurrency trading and custody services for institutional clients. In April of this year, it extended crypto trading services to its premier customers. The bank has also participated in various government-related blockchain initiatives in Singapore, including Project Orchid, Project Guardian, and Project Ubin.DBS is not the first foreign banking entity to collaborate with the Chinese relative to the digital yuan. Earlier this year, France’s BNP Paribas partnered with the Bank of China to promote the digital yuan to its corporate clients. The Chinese are clearly making every effort to promote use of the digital currency inside and outside of Chinese territory.

Shinhan Bank to issue NFTs at 2023 Blockchain Grand Week in SeoulShinhan Bank, one of South Korea’s leading financial institutions, is set to issue non-fungible tokens (NFTs) and operate a promotional booth in celebration of its participation in the upcoming 2023 Blockchain Grand Week, scheduled for next Wednesday, according to a report by local news outlet Newspim.The Blockchain Grand Week, an annual event since 2018, is hosted by the Ministry of Science and ICT and organized by the Korea Internet and Security Agency (KISA), the National IT Industry Promotion Agency (NIPA) and the Institute of Information and Communications Technology Planning and Evaluation (IITP). Its objectives are to increase public awareness of blockchain technology and to facilitate the broader adoption of its ecosystem.Photo by Pete Linforth on PixabayNFTs to first 2,000 visitorsThe event is set to take place at the Convention and Exhibition Center, better known as COEX, in Seoul over two days. It will feature a conference centered around the theme “Adding Trust to Digital Platforms” and will include several academic seminars. Various blockchain companies will also be showcasing their products and services at their respective booths. For this event, Shinhan Bank is collaborating with Hexlant and Vircle to introduce their NFT project. They also plan to offer NFTs to the first 2,000 visitors to their booth.The NFTs will be distributed through Shinhan Bank’s NFT wallet, SOL Wallet, and will come with practical perks such as tickets for events at the booth and coffee coupons. Furthermore, these NFTs will be transferable to others.A representative from Shinhan Bank expressed hope that visitors will have the opportunity to experience the bank’s NFTs and gather diverse information related to blockchain technology. The official also emphasized the bank’s commitment to continually developing and introducing blockchain services that can be integrated into customers’ daily lives.Shinhan Bank’s endeavors in blockchainShinhan Bank’s efforts in the blockchain sector have been marked by various accomplishments in recent years. In 2021, the bank received the Ecosystem Transformation Award at the Enterprise Blockchain Awards, now known as the Web3 and Blockchain Transformation Awards (W3B Awards). This January, Shinhan integrated the SOL Wallet service into its financial services application. The bank remains dedicated to spearheading client-centric blockchain initiatives, one such effort being the development of NFT technology in collaboration with Hexlant and Vircle for corporate marketing purposes.Prohibition on discussing virtual assetsMeanwhile, there has been some dissatisfaction among industry insiders regarding the event’s restrictions. Those operating booths are prohibited from mentioning virtual assets in their projects. The application form for booth holders explicitly stated that exhibitions related to virtual assets are not allowed. This cautious approach is believed to be a response to recent cryptocurrency scandals, such as the $40 billion Terra-LUNA crash and the controversy surrounding a Korean lawmaker’s crypto holdings.

Carrieverse, a South Korean blockchain gaming project based in the Metaverse, launched its global version on March 28. Since then, the game has reportedly seen over 100,000 daily active users (DAU) every day, hitting 150,000 DAUs on its first day of release. The DAU index and related infographics were released by Carrieverse on April 1, according to the local media outlet Kyunghyang Games.  A joint venture between Carriesoft and Mantisco, this blockchain-enabled metaverse platform provides users with various content centered around the life of the game's main character, "Carrie," and her friends. At the heart of the project lies the “Play, earn, and own” model. Aside from the content backed by the "Carrie and Friends" intellectual property (IP), the project has expanded its footprint by launching the Cling Wallet, the NFT project "Kola from the Space" and the crypto game "Superkola Tactics."Photo by GuerrillaBuzz on UnsplashUsers from Southeast Asia and Latin AmericaAccording to data provided by Carrieverse, a significant portion of its users come from Southeast Asian and Latin American countries. Notably, in Indonesia and Vietnam, Carrieverse ranked second and third respectively in the newly released game section of their Google Play Store. The game generated the 15th-largest revenues of all games played in the Philippines and the 16th-largest revenues in Thailand. Carrieverse is reportedly on the top 100 casual games on Google Play Store across 86 countries.  The game also topped the trending chart on the global blockchain ranking site "PlayToEarn" on the day of its global launch, securing second place as of the following Sunday.  Building a robust IP-based metaverse platform The CEO of Carrieverse, David Yoon, said that Carrieverse strives to lead the Korean blockchain gaming industry and contribute to Korea's reputation as a Web3 powerhouse. Yoon said, "A sound ecosystem is being created due to the increase in on-chain data such as wallet generation and conversion of the governance token $CVTX, as well as the increased incineration of Celeb, which can be exchanged for $CVTX. The value of the game and $CVTX will continue to rise further." Carrieverse has also announced plans for various large-scale IP collaborations with other companies, intending to become an IP-based metaverse platform with high DAUs.